NORTHFIELD BOARD OF EDUCATION FILE CODE: 3440 Northfield, New Jersey X Monitored
Mandated Policy X Other Reasons
INVENTORY
The business administrator shall maintain an accurate and complete inventory of all buildings, fixed equipment and contents, and their value, in order to offer proof of loss in the event of an insurance claim and to provide a continuous chain of accountability. The inventory shall be conducted annually. Reports shall be provided to the board of education annually.
The inventory shall be updated to reflect new equipment and shall be verified in a cycle to coincide with the reissuance of insurance policies. Loss of any portable capital equipment of $1000.00 unit value or more shall be reported to the board. Consumable supplies shall be maintained on a continuous inventory basis.
Major discrepancies in inventories which are not resolved by proper accounting procedures shall be reported to the board.
The board shall determine when it is necessary to hire an outside service to assist in appraisal.
Responsibility
A. It shall be the duty of the business administrator to insure that inventories are systematically and accurately recorded and property records of equipment are updated and adjusted annually with reference to purchase orders and withdrawal reports;
B. Major items of equipment shall be subject to annual spot-check inventory to determine loss, mislocation or depreciation. Any major loss shall be reported to the board;
C. The business administrator shall maintain a system of property records which shall show, as appropriate to the item recorded:
- Description and identification;
- Manufacturer;
- Year of purchase;
- Initial cost;
- Location;
- Condition and depreciation.
Adopted: No Date NJSBA Review/Update: October 2009; December 2010 Readopted: October 24, 2011
Key Words
Inventory, District Records and Reports
Legal Reference: N.J.S.A. 18A:11-2 Power to sue and be sued; reports; census of school children
Possible Cross References: 3530 Insurance management
*3570 District records and reports
*Indicates policy is included in the Critical Policy Reference Manual.